Given this timidity , china could replicate much of the flexibility of a managed float by shifting the yuan ' s peg from the dollar to a basket of currencies , at the same time widening the band within which the yuan can fluctuate , say to 10 % above or below the peg 由于胆怯，中国可能将人民币与美元单一挂钩转化为与一揽子货币挂钩，得出一种新的有管理的浮动汇率；同时扩大人民币波动范围，比如在绑定汇率上下10 %以内。
Our country has implemented take the market supply and demand has the management as the foundation the floating exchange rate system , also has realized convertibility under the renminbi current account , the renminbi exchange rate also more has been decided frequently by our country , s condition of balance of payments 我国已实行以市场供求为基础的有管理的浮动汇率制,且已实现了人民币经常项目下的可兑换,人民币汇率也就更多地取决于我国的国际收支平衡状况。
From 1994 to now , our country has carried out important reform about the external exchange management system , after realized by usual items it could be fully exchanged , the rmb rate was practiced by nominal managing floating exchange rate , persisted with the level of about 8 . 27 for many years 从1994年至今，我国对外汇管理体制进行了重大改革，在实现了经常项目下的完全可兑换后，人民币汇率实行了名义上的有管理的浮动汇率制度，多年来始终保持在8 . 27水平左右。
The purpose of reforming the foreign exchange institute is to increase the elasticity of the system , and from this , exchange rate can have the function of regulating the economy . the media measure is improving the forming mechanism of exchange rate of rmb . at present , the feasible measures is enlarging the floating region of exchange rate of rmb . firstly , improving the extent of marketization of forming mechanism of exchange rate , including enlarging the floating region of exchange rate of rmb in the inter - bank exchange market , adjusting the policy of exchange position of banks , reforming compulsive exchange settling institute 今后，我国有必要改进人民币有管理的浮动汇率制度，使汇率更多的反映市场供求信号。完善人民币有管理的浮动汇率制度的最终目的，应是改进人民币汇率形成机制，增加人民币汇率制度的弹性，以进一步发挥汇率杠杆对经济的调节作用。当前可以选择的政策措施是扩大人民币汇率的波动区间。
In the first place , the formation mechanism of the exchange rate is perfected , that is the exchange rate of renminbi no longer pegs down the us dollar singly , but floats under management according to the supply and demand in the currency market as well as the “ currency basket ” , which is composed of several primary currencies 2005年7月21日,中国人民银行对人民币汇率做出了重大改革。一是完善汇率形成机制。人民币汇率不再单一钉住美元,而是由若干主要货币组成一个“货币篮子” ,实行以市场供求为基础、参考一篮子货币进行调节的、有管理的浮动汇率制度。
The thesis made an analysis on the now rmb exchange rate from the international exchange rate regime development in practice , it is pegged to us dollar fixed exchange rate , no matter it is called as managed floating exchange rate by its name . in the background of the opening - up of the financial industry , it is both costly and risky to maintain this exchange rate regime 本文从国际汇率制度的演变过程和决定因素的分析入手，揭示了现行人民币汇率尽管名义上是有管理的浮动汇率，实践中却已异化为钉住美元的固定汇率制，在中国金融进一步开放的背景下维持这种汇率制度的成本越来越高，风险越来越大，汇率制度有重新选择的必然。
Finally , the author , in respect of the policy choice of rmb exchange rate , presents the view that the system of a single , managed floating exchange rate should be a reasonable option to the system of rmb exchange rate . on the basis of the analysis on the drawbacks in the forming mechanism of rmb exchange rate at present , the author designs the general frame of the mechanism of rmb exchange rate under the system of a single , managed floating exchange rate and proposes corresponding reform measures and policy suggestions 最后，就当前人民币汇率政策的选择，提出重归单一的、有管理的浮动汇率制度是人民币汇率制度的必然选择，并在分析目前人民币汇率形成机制存在的缺陷的基础上，对管理浮动汇率制度下的人民币汇率机制进行了总体设计，提出了相应的改革措施与政策建议。
July 21 , 2005 , people ' s banks issued announcement : " today , our country to start to implement take the market supply and demand as the foundation , refers to a basket currency to carry on the mediation , has the management the floating exchange rate system . at the same time , the rmb & us dollar exchange rate rises 2 % 2005年7月21日,人民银行发布公告: “即日起我国开始实行以市场供求为基础,参考一篮子货币进行调解,有管理的浮动汇率制度” ,同时,人民币对美元汇率升值2 % ,调整为1美元兑8 . 11元人民币。
In light of its own needs of reform and development , and taking into serious consideration the economic and financial impacts of its exchange rate reform on neighbouring countries , regions and the world at large , china will continue to push forward the reform of its exchange rate regime , to have a market - based , managed floating exchange rate regime in reference to a basket of currencies , and to ensure that the rmb exchange rate is kept basically stable at an adaptive and equilibrium level 中国将根据自身改革发展的需要，认真考虑中国汇率改革对周边国家、地区及世界经济金融的影响，继续推进汇率机制改革，实行以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇率制度，使人民币汇率在合理、均衡的水平上保持基本稳定。
